New York, NY / Boston, MA / London, UK – April 2, 2014 – The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced that four new members have been elected to its Board of Directors.
The new directors are Phil Davies, Managing Director and Global Head of Operations at Morgan Stanley; David R. Kimm, Executive Vice President, Chief Risk Officer and Treasurer at TD Ameritrade Holding Corporation; Nick Ogurtsov, Chief Operating Officer and Chief Risk Officer at KCG Holdings; and Paul Walker, Global Co-Head of the Technology Division at Goldman Sachs.
The DTCC Board of Directors is currently composed of 20 Directors. Of these, 13 are representatives of clearing agency participants, including international broker/dealers, custodian and clearing banks, and investment institutions; three are independent non-participant Directors; two Directors are designated by DTCC's preferred shareholders, NYSE Euronext and FINRA; and the remaining two Board members are DTCC's Executive Chairman and its President and Chief Executive Officer. The Board plays an integral role in the oversight of the firm, ensuring DTCC services continue to meet the evolving needs of its participants while promoting safety and security across the global financial markets.
- At Morgan Stanley, Mr. Davies oversees all operations support to the Institutional Securities Group and the Wealth Management and Investment Management businesses. He is a member of the firm’s management committee, and brings a comprehensive background in international operations, technology and business management to the DTCC Board.
- At TD Ameritrade Holding Corporation (TDA), Mr. Kimm leads the enterprise-wide risk/control strategies and functions, as well as oversight of liquidity, funding and asset/liability management for TDA and its subsidiaries. He also serves as a member of TDA’s Senior Operating Committee (SOC), which shapes the organization’s strategic focus.
- At KCG Holdings, Inc., Mr. Ogurtsov is responsible for leading the firm’s operations and clearing, as well as managing its strategic and operational risk management framework. This includes the design and implementation of systems and processes to identify, mitigate and assess the firm’s real-time, medium- and long-term risk exposure.
- In the Technology Division at Goldman Sachs, Mr. Walker manages the firm’s largest division with more than 8,000 people and oversees the firm’s technology activities around the world, across all business lines. He is responsible for setting Goldman’s technology strategy for all activities of the firm including risk management, operational risk, and trading, sales, investing and advising.
With the addition of the new Board members, DTCC has enhanced the depth of expertise and perspective across international operations, technology, risk management, finance, strategic planning and compliance.
“We are pleased to welcome four talented and knowledgeable industry leaders to DTCC’s Board,” said Robert Druskin, Executive Chairman, DTCC. “Market participants around the world face a challenging landscape where they must effectively balance robust risk management capabilities and regulatory compliance with cost containment. Our Board will help ensure that the needs and interests of our global client base continue to be well represented.”
After 5 years of service, Robin Vince, Chief Operating Officer and Head of the Federation for Goldman Sachs’ businesses in EMEA , did not seek re-election at the annual shareholders meeting.
For complete biographies and photos of the new Board members, please click here.
With over 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From operating facilities, data centers and offices in 15 countries, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers worldwide. User owned and industry governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management and information services across asset classes, bringing increased security and soundness to the financial markets. In 2013, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.6 quadrillion. Its depository provides custody and asset servicing for securities issues from 139 countries and territories valued at US$43 trillion. DTCC’s global trade repository processes tens of millions of submissions per week.
To learn more, please visit www.dtcc.com or follow us on Twitter @The_DTCC.